that one would think the performance should get better as the year goes on. If you look out past a couple of quarters, the biggest driver there, Ryan, being the growth rate. Obviously, to the extent the growth rate is higher, that's going to move us further up

that one would think the performance should get better as the year goes on if you look out past a couple of quarters the biggest driver there ryan being the growth rate obviously to the extent the growth rate is higher that's going to move us further up


Our middle market results were tempered, as we shared with you at the investor conference and last quarter. And that really related to how competitors chose to address the reintroduction of the health insurers tax at the employer customer level.

our middle market results were tempered as we shared with you at the investor conference and last quarter and that really related to how competitors chose to address the reintroduction of the health insurance tax at the employer customer level


with existing products. And as you know, we also have new products, which are likely going to help us kick start growth later in 2019 and '20. So both the short term and long term are turning more positive there.

with existing products and as you know we also have new products which are likely going to help us kickstart growth later in 2019 and '20 so both the short term and long term are turning more positive there


of Canadian Tire, what does One Company, One Customer look like from a customer perspective, ex-years down the road when you get where you want to be? Because you have to start thinking like the customer. I'm sure you're already doing that.

of canadian tire what does one company one customer look like from a customer perspective x years down the road when you get where you want to be because you have to start thinking like the customer i'm sure you're already doing that


All of these activities are now supported by a robust set of KPIs to monitor and drive improvements at our ongoing new product development effectiveness. We've taken a significant step forward in appointing our Group Head of Engineering to lead these efforts.

all of these activities are now supported by a robust set of kpis to monitor and drive improvements in our ongoing new product development effectiveness we've taken a significant step forward in appointing our group head of engineering to lead these efforts


Moving to Slide 12. Overall, our outlook for 2018 is unchanged. We expect improving demand for aerospace applications throughout the rest of the year as destocking begins to moderate.

moving to slide 12 overall our outlook for 2018 is unchanged we expect improving demand for aerospace applications throughout the rest of the year as destocking begins to moderate


We continued to add business development resources to support this business growth. In fact, we are probably the only storage company to recruit and hire executives from traditional logistics businesses such as FedEx.

we continue to add business development resources to support this business growth in fact we are probably the only storage company to recruit and hire executives from traditional logistics businesses such as fedex


as well as exercising either its buyout or its termination options that are provided for under the lease, and we've not received notification from Arc or Zenith regarding exercising either the buyout or termination option.

as well as exercising either its buyout or its termination options that are provided for under the lease and we've not received notification from arc or zenith regarding exercising either the buyout or termination option


incentive plan for the company. I know it weighed a little bit and operating income this quarter, but going forward, are there new targets that we should we be looking at, that we could expect any impact in the next few quarters or further out?

incentive plan for the company i know it weighed a little bit on operating income this quarter but going forward are there new targets that we should be looking at that we could expect any impact in the next few quarters or further out


We also saw another visible pickup in momentum compared to an already strong Q2. Sales of Mavenclad and Bavencio continued to rise, and our opportunity in General Medicine franchises grew yet again strongly.

we also saw another visible pickup in momentum compared to an already strong q2 sales of mavenclad and bavencio continued to rise and our fertility and general medicine franchises grew yet again strongly


We regret what has happened and we speedily implemented measures so as to solve the security issues back in December as well as in January. As a result,

i regret what has happened and we speedily implemented measures so as to solve the security issues back in december as well as in january as a result


followed shortly thereafter by our 10-Q for Q1 fiscal '17. We will then be current with our required SEC filings and compliant with listing requirements of NASDAQ.

followed shortly thereafter by our 10-q for q1 fiscal '17 we will then be current with our required sec filings and compliant with listing requirements of nasdaq


financial culture. And I think that the company and my teams are proud of that. At the same time, when we went through the strategy work, I also realized

financial culture and i think that the company and my teams are proud of that at the same time when we went through this strategy work i also realized


three, the net interest margin to expand modestly as we benefit from rising short-term rates and our asset sensitivity position, especially now that The Wall Street Journal prime rate and the WSFS prime rate are aligned.

three the net interest margin to expand modestly as we benefit from rising short-term rates and our asset sensitivity position especially now that the wall street journal prime rate and the wisps prime rate are aligned


We have also introduced something that we call category reset, where we work through the assortment to optimize the customer offer as well as how it is merchandised in the store.

we have also introduced something that we call category reset where we work through the assortment to optimize the customer offer as well as how it is merchandised in the store


I am happy to report continued expansion which will ultimately help our customers gain access to discounted prescriptions through our local hospital relationships. Finally,

i am happy to report continued expansion which will ultimately help our customers gain access to discounted prescriptions through our local hospital relationships finally


And the adoption of product there has consistently -- even in light of that favored the home team product or the proprietary product.

and the adoption of product there has consistently even in light of that favored the home team product or the proprietary product


We're continuously enhancing the experience. Adding video capabilities, notification badges and other features will continue to make the experience even better and keep members engaged longer.

we're continuously enhancing the experience adding video capabilities notification badgers badges and other features will continue to make the experience even better and keep members engaged longer


While contract investment is included in our investment spending estimate, under the new revenue standard, contract investment will be included in our cash flow statement going forward under the heading Cash from Operating Activities

while contract investment is included in our investment spending estimate under the new revenue standard contract investment will be included in our cash flow statement going forward under the heading cash from operating activities


We designed Part 1 of the trial to exceed the drug trough levels that we expect to be necessary to effectively manage the disease, and we succeeded in doing this with a daily dose of 350 milligrams.

we designed part 1 of the trial to exceed the drug trough levels that we expect to be necessary to effectively manage the disease and we succeeded in doing this with a daily dose of 350 milligrams


I consider that a conservative accrual. My experience in doing business with hospital systems is they do pay their bills. It takes time to contract with these complex volume organizations.

i consider that conservative cruel my experience in doing business with hospital systems is they do pay their bills it takes time to contract with these complex buying organizations


First, on the new clients, could you just tell us a little bit more about who are those sort of new clients? Are they generally coming from the ad tech ecosystem? Are they smaller players? And then second, with current clients or current partners,

first on the new clients could you just tell us a little bit more about who are those sort of new clients are they generally coming from the ad tech ecosystem are they smaller players and then second with current clients or current partners


I also believe that our infill unit development strategy will allow us to continue to build a solid bench and better support efficient brand-building locations in our maturing markets.

i also believe that our infill unit development strategy will allow us to continue to build a solid bench and better support efficient brand-building locations in our maturing markets


In the future, we may not be able to get some raw materials or we will experience shortage of them. Internally, we always say that you cannot expect raw material prices to go down.

in the future we may not be able to get some raw materials or we will experience shortage of them internally we always say that you cannot expect raw material prices to go down


Finally I articulated a preliminary plan for increasing our exposure to network-dense UDCs in a way that wouldn't alter the risk profile of our business.

finally i articulated a preliminary plan for increasing our exposure to network dense udcs in a way that wouldn't alter the risk profile of our business


In addition to the impairment charges related to our generics reporting unit, we also had impairment charges related to our international pharmaceutical segment driven by a change in the expected future cash flows from those respective reporting units.

in addition to the impairment charges related to our generic reporting unit we also had impairment charges related to our international pharmaceutical segment driven by a change in the expected future cash flows from those respective reporting units


No severe or serious adverse events have occurred in the PHYOX trial and there have been no clinically significant changes in electrocardiography, vital signs, and lab or hematology values.

no severe or serious adverse events have occurred in the fiox trial and there have been no clinically significant changes in electrocardiography vital signs and lab or hematology values


And that's really job 1. But as we start to bring things like our new acquisition on the analytics space to the table, which enables our clients to not just report

and that's really job 1 but as we start to bring things like our new acquisition on the analytics space to the table which enables our clients to not just report


As the graph shows, our business growth has outpaced that of the overall market since 2014, thanks to customer support for our products and especially for Choco Monaka Jumbo.

as the graph shows our business growth has outpaced that of the overall market since 2014 thanks to customer support for our products and especially for choco monica jumbo


But ultimately, there are folks that are sitting on the sidelines that would like to use Persona but are waiting for a Revision System. So not just the importance of launching Revision, but it's also getting some of the folks on the sideline into the Persona game.

but ultimately there are folks that are sitting on the sidelines that would like to use persona but are waiting for a revision system so not just the importance of launching revision but it's also getting some of the folks on the sideline into the persona game


And then when you look at this capacity coming online, how much is already spoken for in terms of your visibility on demand? How quickly will these get these facilities ramped up?

and then when you look at this capacity coming online how much is already spoken for in terms of your visibility on demand how quickly will these get -- these facilities ramp up


a little bit. There's actually a name in there called Gehl Foods that we actually underwrote the junior piece of and actually have since exited. So I think there's a little more noise in the number rather than there is sort of any

a little bit there's actually a name in there called gil foods that we actually underwrote the junior piece of and actually have since exited so i think there's a little more noise in the number rather than there is sort of any


So admittedly, it's not easy to see because of a number of moving parts. The fourth quarter, as I'll explain to you and Randy will explain to you, we think was a good one for MB. I was quite pleased with it.

so admittedly it's not easy to see because of a number of moving parts the fourth quarter as i'll explain to you and randy will explain to you we think was a good one for mb i was quite pleased with it


As always, we remain committed to delivering safe, clean, reliable and affordable electricity to our customers, including finding ways to incorporate renewable energy technology into our portfolio. So thank you for your time today, and be safe.

as always we remain committed to delivering safe clean reliable and affordable electricity to our customers including finding ways to incorporate renewable energy technology into our portfolio so thank you for your time today and be safe


Furthermore, the performance of the distressed loan portfolio was also impacted by lower-than-expected home prices for certain loans in the portfolio, as well as a reduction

furthermore the performance of the distressed loan portfolio was also impacted by lower-than-expected home prices for certain loans in the portfolio as well as a reduction


The start-ups are an important component of our organic growth this year. I think that as you go forward and you look into future years, I think you would see a better operating income margin than you see this year because of those start-ups.

the start-ups are an important component of our organic growth this year but i think that as you go forward and you look into future years i think you would see a better operating income margin than you see this year because of those start-ups


and we've now allowed all of our applications to flow through that. So whether it's our Commerce Cloud, our Sales Cloud or our Service Cloud, they're all augmented now through Einstein. And I guess, one of the major

and we've now allowed all of our applications to flow through that so whether it's our commerce cloud our sales cloud or our service cloud they're all augmented now through einstein and i guess one of the major


Be assured that as we grow in China, we will not deviate from the culture and values that have built the Starbucks brand and resulted in Starbucks today being recognized as one of the most successful global brands

be assured that as we grow in china we will not deviate from the culture and values that have built the starbucks brand and resulted in starbucks today being recognized as one of the most successful global brands


In addition to delivering our goals in fiscal '16, we also returned our global giants to growth and achieved a significant improvement in the performance of our scotch and beer portfolios.

in addition to delivering our goals in fiscal '16 we also returned our global giants to growth and achieved a significant improvement in the performance of our scotch and beer portfolios


with more investors. While we have done well over the last 12 months to reduce our debt level and manage working capital downwards, I would like to mention that the working capital increase over the year due to the scheduled turnarounds that I've mentioned.

while we have done well over the last 12 months to reduce our debt level and manage working capital downward i would like to mention that the working capital increased over the year due to the scheduled turnarounds that i've mentioned


and strong sales margins from price increases implemented late last year as well as benefits from low contained metal costs. We also continued to achieve improved underlying manufacturing cost efficiency.

and strong sales margins from price increases implemented late last year as well as benefits from low contained metal costs we also continued to achieve improved underlying manufacturing cost efficiency


I highlighted the importance against that backdrop of strong sales and operational execution, and that sentiment remains true. We have, along those lines, continued to make progress on our key strategic initiatives.

i highlighted the importance against that backdrop of strong sales and operational execution and that sentiment remains true we have along those lines continued to make progress on our key strategic initiatives


For example, we have revised our schedule to match aircraft availability for retrofit program, and we expect to make up volume that slipped in the quarter from supplier issues

for example we have revised our schedule to match aircraft availability for retrofit program and we expect to make up volume that slipped in the quarter from supplier issues


We should note that this is not a result of Ferro losing market share to competitors, but a result of certain product campaigns at the customer level, having ended or moved out of the ramp-up phase.

we should note that this is not a result of ferro losing market share to competitors but a result of certain product campaigns at the customer level having ended or moved out of the ramp-up phase


A prominent feature in the growth of retail deposits is our Win Flushing program, which focuses on increasing our deposit market share in the Asian community in Flushing, Queens.

a prominent feature in the growth of retail deposits is our win flushing program which focuses on increasing our deposit market share in the asian community in flushing queens


You all have demonstrated courage, leadership and compassion under extremely trying conditions. Not only did you help our airline get back online, but also, and more important, you were all there for each other and for our customers.

you all have demonstrated courage leadership and compassion under extremely trying conditions not only did you help our airline get back online but also and more important you were all there for each other and for our customers


We also maintained our intense focus on new product introductions and efforts to develop distribution throughout the year. As a result, the year-over-year decline in activations in shipments of standby generators were much better relative to the overall decline in power outage severity.

we also maintained our intense focus on new product introductions and efforts to develop distribution throughout the year as a result the year-over-year decline in activations and shipments of standby generators were much better relative to the overall decline in power outage severity


our overall insurance earnings were affected by the catastrophic event related to the Kynsna fires in June, as well as other significant weather-related claims, including the Western Cape storms.

our overall insurance earnings were affected by the catastrophic event related to the niasna fires in june as well as other significant weather-related claims including the western cape storms


Despite this, geographic and product diversification, including from our acquisitions, Venmo monetization and our growing APAC business allowed us to continue to deliver solid revenue growth.

despite this geographic and product diversification including from our acquisitions venmo monetization and our growing apac business allowed us to continue to deliver solid revenue growth


Let me remind you our reserves do not incorporate any future improvement in morbidity or mortality, and we have a conservative approach to the level of rate increases assumed.

let me remind you our reserves do not incorporate any future improvement in morbidity or mortality and we have a conservative approach to the level of rate increases assumed


and drive further efficiencies. In our Power segment, our transformers improvement plan remains on track and we continue to take costs out of our power generation business to align with market demand.

and drive further efficiencies in our power segment our transformers improvement plan remains on track and we continue to take costs out of our power generation business to align with market demand


patients on the system and really push the payers to recognize the product out there. So we don't anticipate it as a long-term program, but that's not to say, like many in this space, you wouldn't bring it back once in a while.

patients on the system and really push the payers to recognize the products out there so we don't anticipate it as a long-term program but that's not to say like many in the space you wouldn't bring it back once in a while


an overestimation of our forecasting skills at this point. But I think that as we look ahead to the next couple of quarters, I would anticipate that we will be in this range. I do continue to think that we've got operating leverage opportunity,

an overestimation of our forecasting skills at this point but i think that as we look ahead to the next couple of quarters i would anticipate that we will be in this range i do continue to think that we've got operating leverage opportunity


passenger car and also those in goods movement, I think this being sustainable fuels and sustainable technologies, I think we're just at the beginning of what's going to be a very long

passenger car and also those in goods movement i think this being sustainable fuels and sustainable technologies i think we're just at the beginning of what's going to be a very long


gaming and hospitality, healthcare, higher ed, this is just an example of our diversified company. So we're seeing an overall increase and strength in the market throughout the country.

gaming and hospitality health care higher ed this is just an example of our diversified company so we're seeing an overall increase and strength in the market throughout the country


that combated our efforts to manage margins, we believe our managers were able to produce very respectable results. We're also happy to see a positive quarter in terms of net attrition, where results were the best in several years.

that combated our efforts to manage margins we believe our managers were able to produce very respectable results we're also happy to see a positive quarter in terms of net attrition where results were the best in several years


Our comments today will contain forward-looking statements within the meaning of the federal securities laws and these statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements,

our comments today will contain forward-looking statements within the meaning of the federal securities laws and these statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements


growth as quickly as possible. And to me, it goes without saying that we will be successful simply because we will be coordinating resources on target segments that we've already identified

growth as quickly as possible and to me it goes without saying that we will be successful simply because we will be coordinating resources on target segments that we've already identified


that seasonality will improve things. But with that additional capacity that we've installed ourselves at Bulyanhulu and with the new infrastructure that the government is hoping to deliver

that seasonality will improve things but with that additional capacity that we've installed ourselves at bulyanhulu and with the new infrastructure that the government is hoping to deliver


We see this charge as a discrete item arising from a contract dispute and not indicative of ongoing operations. Accordingly, this adjustment or this charge, if you will, was excluded from our adjusted results.

we see this charge as a discrete item rising from a contract dispute and not indicative of ongoing operations accordingly this adjustment or this charge if you will was excluded from our adjusted results


In the long run, we want to maintain a solid financial profile, and at the same time, providing attractive dividends and further invest in promising growth project as well as acquisition.

in the long run we want to maintain a solid financial profile and at the same time providing attractive dividends and further invest in promising growth projects as well as acquisitions


we do watch the stock price, and we do think that it would be a good arbitrage for us to consider something like that. So let me just say that it's certainly on our radar. And I hope to be able to

we do watch the stock price and we do think that it would be good arbitrage for us to consider something like that so let me just say that it's certainly on our radar and i hope to be able to


If you have any further questions, feel free to contact me directly. This concludes today's call. Thank you.

if you have any further questions feel free to contact me directly this concludes today's call thank you


Over the past few weeks, I have participated in introductory meetings with 2 Fortune 50 prospect companies. In each of these meetings, we were meeting with C-level executives who were hearing our story for the first time.

over the past few weeks i participated in introductory meetings with 2 fortune 50 prospect companies in each of these meetings we were meeting with c-level executives who were hearing our story for the first time


We expect services revenue for the year to be relatively flat to last year as we enable existing customers to be self-sufficient, leverage our SI partners and as maintenance revenue associated with legacy products continues to decline.

we expect services revenue for the year to be relatively flat to last year as we enable existing customers to be self-sufficient leverage our si partners and as maintenance revenue associated with legacy products continues to decline


quite impressively, in this very short period of time was leading the development around the new avec concept that I will talk about in a minute.

quite impressively in this very short period of time was leading the development around the new abec concept that i will talk about in a minute


I think the biggest gating item right now is our ability to hire -- identify, hire and train the Mako specialists, who are critical to ensuring that, not just the surgeon, but his entire OR staff is prepared to have a really successful

i think the biggest gating item right now is our ability to hire -- identify hire and train the mako specialists who are critical to ensuring that not just the surgeon but his entire or staff is prepared to have a really successful


In terms of our sponsor, Landmark Dividend, it continues to make significant improvements in its back-office resource allocation and process enhancements, all of which have contributed to higher acquisition activity.

in terms of our sponsor landmark dividend it continues to make significant improvements in its back office resource allocation and process enhancements all of which have contributed to higher acquisition activity


So for sure, yes. Part of the comparison between this year and last year will be a thing of reclassification, but then some part of will also be a consequence of an improvement in the quality of the

so for sure yes part of the comparison between this year and last year will be a thing of reclassification but then some part of it will also be a consequence of an improvement in the quality of the loan portfolio


Today -- literally today, we signed a contract with one of the most successful grocery retailers in the world who does everything internally. Everything.

today literally today we signed a contract with one of the most successful grocery retailers in the world who does everything internally everything


Despite efforts made by our Outdoor Retailer team to mitigate the effect of the political situation, over recent weeks, it has become clear that the adverse impact on the revenues of the summer 2017 show will likely be more

despite efforts made by our outdoor retailer team to mitigate the effect of the political situation over recent weeks it has become clear that the adverse impact on the revenues of the summer 2017 show will likely be more


and the ongoing propelled pivotal study support our strategy to advance AT-GAA as quickly as possible with the potential to become the new standard of care for people living with Pompe disease.

and the ongoing propel pivotal study support our strategy to advance atgaa as quickly as possible with the potential to become the new standard of care for people living with pompe disease


This is the third year we are holding our full year results on the last day of February on Global Rare Disease Day, a true reflection of our dual mission of making a positive and meaningful impact for people living with rare

this is the third year we are holding our full year results on the last day of february on global rare disease day a true reflection of our dual mission of making a positive and meaningful impact for people living with rare


As I think about the rest of the year, I'm excited about the opportunity that lies ahead. We are experiencing significant momentum. Our teams are exceptionally busy, and I'm optimistic about the power of our global network coming together

as i think about the rest of the year i'm excited about the opportunity that lies ahead we are experiencing significant momentum our teams are exceptionally busy and i'm optimistic about the power of our global network coming together


First, weather is a critical component of our success and profitability, and must remain an important focus for our team, regardless of what aspirations we have for the growth and development of our company. For a second year in a row,

first weather is a critical component of our success and profitability must remain an important focus for our team regardless of what aspirations we have for the growth and development of our company for a second year in a row


Things like artificial intelligence and the data economy are going to drive a structurally larger semiconductor industry as the demand for those devices to fuel those trends increases over time.

things like artificial intelligence and the data economy are going to drive a structurally larger semiconductor industry as the demand for those devices to fuel those trends increases over time


in May. I will loosely follow the content starting on Slide 4. This quarter's narrative remains more or less the same as those of the last year, emphasizing strength across both businesses and regions.

in may i will loosely follow the content starting on slide 4 this quarter's narrative remains more or less the same as those of the last year emphasizing strength across both businesses and regions


Just a couple of final thoughts on numbers. While quarterly results are important, I consciously look at our last 12 months results as a signal of the company's strength and it helps guide my thoughts in the direction we are heading.

just a couple of final thoughts on our numbers while quarterly results are important i consciously look at our last 12-month results as a signal of the company's strength and it helps guide my thoughts on the direction we are heading


This quarter represented another substantial step in the journey of improving our operations and margins at Perceptron. Our customer metrics of bookings, revenue and backlog were all very strong.

this quarter represented another substantial step in the journey of improving our operations and margins at perceptron our customer book -- metrics of bookings revenue and backlog were all very strong


And then, finally, in terms of Trump's policies, is it still your view that the rhetoric or the -- or what he's talking about won't prove any disruptive threat to your business?

and then finally in terms of trump's policies is it still your view that the rhetoric or what he's talking about won't prove any disruptive threat to your business


but money is difficult to move. And these days, investors are careful enough that even if they know the portfolio manager, they don't always subscribe at the first meeting. It takes a while to move money.

but money is difficult to move and these days investors are careful enough that even if they know the portfolio manager they don't always subscribe at the first meeting it takes a while to move money


We believe we offer the best products in our markets providing simple, fast access to good quality credit for people and small businesses who have limited savings and who frequently do not qualify for bank programs.

we believe we offer the best products in our markets providing simple fast access to good quality credit for people and small businesses who have limited savings and who frequently do not qualify for bank programs


services to provide and there are other industries there that people feel comfortable and that generates more interest. And we're kind of in the sweet spot right now where people are seeing and liking what they see in Idaho. I think

services to provide and there are other industries there that people feel comfortable and that generates more interest so we're kind of in the sweet spot right now where people are seeing and liking what they see in idaho i think


Our objective with the ENTYCE launch was to leverage the experience that we gained in launching NOCITA and GALLIPRANT. And we are pleased to report this morning that we believe we have achieved initial success on that objective.

our objective with the entice launch was to leverage the experience that we gained in launching nocita and galliprant and we are pleased to report this morning that we believe we have achieved initial success on that objective


Absent reversal by the Ninth Circuit, PGE's claim against the surety will be tried in 2 phases. The first phase will be -- will determine whether PGE's termination of the contractor was appropriate

absent reversal by the ninth circuit pge's claim against the surety will be tried in 2 phases the first phase will be -- will determine whether pge's termination of the contractor was appropriate


We also have a slide presentation that accompanies today's call, which is available to participants on the webcast. If you are not accessing the webcast or if you'd just like to get a separate copy of the presentation,

we also have a slide presentation that accompanies today's call which is available to participants on the webcast if you are not accessing the webcast or if you just like to get a separate copy of the presentation


Because of our disclosure of certain risk factors inherent to the situation, we've seen negative impacts to our business. We cannot yet quantify this impact, but it has created issues with certain vendors and customers.

because of our disclosure of certain risk factors inherent to the situation we have seen negative impacts to our business we cannot yet quantify this impact but it has created issues with certain vendors and customers


Now we don't expect to sustain the NIM at this level going forward, and in fact, largely due to purchase accounting, we'll continue to experience some ongoing NIM pressure, although at a declining rate compared to last year.

now we don't expect to sustain the nim at this level going forward and in fact largely due to purchase accounting we'll continue to experience some ongoing nim pressure although at a declining rate compared to last year


the point program actually we are still working on the detailed design of the rate plan so we cannot comment whether the points are included or not, at this point of time, sorry. My second question is about

the point program actually we are still working on the detailed design of the great plan so we cannot comment whether the points are included or not at this point of time sorry my second question is about


such as document processing, data collection and analysis, and customer support centers, can help states meet the administrative and managed care oversight responsibilities, which are also included in the new rules.

such as document processing data collection and analysis and customer support centers can help states meet the administrative and managed care oversight responsibilities which are also included in the new rules


And so we have to listen more to them and be providing what they want to buy, because we really have a unique value proposition in how we serve our clients in the project space and, in particular,

and so we have to listen more to them and be providing what they want to buy because we really have a unique value proposition in how we serve our clients in the project space and in particular


Just a short personal word before I start to say how pleased I am to be talking to you today and to be talking to the market generally, something which I haven't been doing for quite a few years

just a short personal word before i start to say how pleased i am to be talking to you today and to be talking to the market generally something which i haven't been doing for quite a few years now


This was primarily due to our increase in operating margin this quarter, along with benefiting from a gain on translation of our U.S. dollar denominated debt, offsetting an increase in our amortization expense compared to the same quarter last year.

this was primarily due to our increase in operating margin this quarter along with benefiting from a gain on translation of our u s dollar-denominated debt offsetting an increase in our amortization expense compared to the same quarter last year


In particular, I'd like to recognize our team members who endured the hurricanes at our hub in Miami and other airports in Florida, Puerto Rico and the Caribbean, as well as those in Mexico City who endured a devastating earthquake.

in particular i'd like to recognize our team members who endured the hurricanes at our hub in miami and other airports in florida puerto rico and the caribbean as well as those in mexico city who endured a devastating earthquake


But really, mix plays a really big part as we look at the mix of our sales both geographically as well as service revenues. So service revenues, as it continues to grow and be a big part of our business,

but really mix plays a really big part as we look at the mix of our sales both geographically as well as service revenues so service revenues as it continues to grow and be a big part of our business


that there was caution on the part of a lot of U.S. companies, particularly in pharma, and some of the industrial businesses really weighting some of the regulation and policy and tax changes that came later in the year.

that there was caution on the part of a lot of u s companies particularly in pharma and some of the industrial businesses really awaiting some of the regulation and policy and tax changes that came later in the year


We have undertaken an initiative to enhance our cash generation, primarily through improvements to working capital management. This is one example of how the investments that we are making, that I mentioned earlier, will lead to more efficient processes.

we have undertaken an initiative to enhance our cash generation primarily through improvements to working capital management this is one example of how the investments that we are making that i mentioned earlier will lead to more efficient processes


equity in financial services institutions or other banks does come with higher capital reserving charge. And so you would have to leverage that business

equity in financial services institutions or other banks does come with higher capital-reserving charge and so you would have to leverage that business


And with our seasonally stronger second half, operating cash flows and the lower capital expenditure, the group expects to generate significant net free cash flow during the half.

and with our seasonally stronger second half operating cash flows and a lower capital expenditure the group expects to generate significant net free cash flow during the half


but then the other line sort of popped a little bit sequentially. So you look out into the second half of this year, maybe longer term, do you still think you can drive some operating leverage? And maybe is the way to think about on the incremental margin, just trying to get a sense of

but then the other line sort of popped a little bit sequentially so you look out into the second half of this year or maybe longer term do you still think you can drive some operating leverage and maybe is there a way to think about it on the incremental margin just trying to get a sense of


I'd say some of these opportunities would give us the opportunity to deploy more capital in and a lot of them -- we have a lot of excess capital, we're generating a lot of cash. So

i'd say some of these opportunities would give us the opportunity to deploy more capital in and a lot of them -- we have a lot of excess capital or generating a lot of cash so


some more meaningful contribution in the third quarter, and we just don't see that, and we think that, that's been pushed out to the fourth quarter. But as you can see, rigs are certainly being put under contract

some more meaningful contribution in the third quarter and we just don't see that and we think that that's been pushed out to the fourth quarter but as you can see rigs are certainly being put under contract


We've previously disclosed that we plan to launch the confirmatory trial by the end of this calendar year or the beginning of next year. And while we still intend to have a partner on board before trial launch,

we previously disclosed that we plan to launch the confirmatory trial by the end of this calendar year or the beginning of next year and while we still intend to have a partner on board before trial launch


limited in our willingness to invest resources behind trying to grow it right now, because we don't want to create demand we can't fill, right? That's not fair to our customers and patients.

limited in our willingness to invest resources behind trying to grow it right now because we don't want to create demand we can't fill right that's not fair to our customers and patients


Now looking ahead, commodity cost increases will remain relatively low in the first half of 2018, but we do expect the level of commodity cost increases to rise again in the second half of this year.

now looking ahead commodity cost increases will remain relatively low in the first half of 2018 but we do expect the level of commodity cost increases to rise again in the second half of this year


with a strong balance sheet and the flexibility to manage our cash and take advantage of exploration success and other opportunities, which become available. The refinancing of our exit notes in June

with a strong balance sheet and the flexibility to manage our cash and take advantage of exploration success and other opportunities which become available the refinancing of our exit notes in june


can get through some of these initiatives that they've been advocating for. But as you've seen, like we, it's very uncertain in terms of whether or not you're going to get kind of the type of bipartisan support that you need and

can get through some of these initiatives that they've been advocating for but as you've seen like we it's very uncertain in terms of whether or not you're going to get kind of the type of bipartisan support that you need and


Keep in mind, we have a network of engineered team that starts every day proactively engineering our network, tailoring solutions designed to minimize the number of empty miles we occur.

keep in mind we have a network of engineer team that starts every day proactively engineering our network tailoring solutions designed to minimize the number of empty miles we incur


And why did we need to focus on stability first? Well, at the end of the day, it's our customers. This is critical piece of their infrastructure. So if we don't deliver and don't perform, their network is going to suffer.

and why do we need to focus on stability first well at the end of the day it's our customers this is critical piece of their infrastructure so if we don't deliver and don't perform their network is going to suffer


and addressing the 2 main factors of growth for the future market that are the management of new-generation content and cloud services. These are the drivers that support the business anchors mentioned before.

and addressing the 2 main factors of growth for the future market that are the management of new generation content and cloud services these are the drivers that support the business anchors mentioned before


And it's a very small part of the number at the moment, but it's doing better than we thought it would. And there's a possibility that it can be really additive in the future. So I think the key is for us is just to stay the course.

and it's a very small part of the number at the moment but it's doing better than we thought it would and there's a possibility that it can be really additive in the future so i think the keys for us is just to stay the course


The gains on financial instruments reflect changes in the fair value of our interest rate swap, the prepayment options on our senior notes and the embedded derivatives on our term loan facility.

the gains on financial instruments reflect changes in the fair value of our interest rate swap the prepayment options on our senior notes and the embedded derivatives on our term loan facility


shock absorbers that has really helped us in bad times. The philosophical point to argue here is we are still going to manage the company under the assumption that there will be very difficult times again. I've heard

shock absorbers that has really helped us in bad times the philosophical point to argue here is we are still going to manage the company under the assumption that there will be very difficult times again i've heard


Doing so will enhance our strong liquidity profile even further by freeing up assets and extending the duration of our maturities. We believe these efforts will lead to continued improvement in our credit rating.

doing so will enhance our strong liquidity profile even further by freeing up assets and extending the duration of our maturities we believe these efforts will lead to continued improvement in our credit rating


We're also seeing excess supply pressure as slow economic growth is not sufficient to absorb the large amount of capacity that's been built in a number of products, especially in China for Chemical Intermediates.

we're also seeing excess supply pressure as slow economic growth is not sufficient to absorb the large amount of capacity that's been built in a number of products especially in china for chemical intermediates


momentum. So whether it's the next-generation platforms that we just talked about or the mid-market migrations or the acquisitions that we just talked about or progress on the Service Alignment Initiative or the voluntary early retirement program,

momentum so whether it's the next-generation platforms that we just talked about or the mid-market migrations or the acquisitions that we just talked about or progress on the service alignment initiative or the voluntary early retirement program


Alleviating labor and capacity constraints continues to be a high priority for us in alignment with our growing market sectors, and we continue to look to successfully implement initiatives to drive operating synergies and efficiencies consistent with best practices,

alleviating labor and capacity constraints continues to be a high priority for us in alignment with our growing market sectors and we continue to look to successfully implement initiatives to drive operating synergies and efficiencies consistent with best practices


a client may have other concerns in their Medicare line of business, where they choose to put a pause or a temporary halt on increasing the audits.

a client may have other concerns in their medicare line of business where they choose to put a pause or a temporary halt on increasing the audits


appetite to work more with HMS, is that coming from an aggregation of accounts to a single vendor? Is it looking at new areas for cost control? Or is it really turning over work that

appetite to work more with hms is that coming from an aggregation of accounts to a single vendor is it looking at new areas for cost control or is it really turning over work that


We are aggressively adopting hyper-convergent solutions to our customers that give us the ability to take multiple business applications, run them in our cloud,

we are aggressively adopting hyperconvergent solutions to our customers that give us the ability to take multiple business applications run them in our cloud


their strategy and a whole bunch of other things that companies do, and I think the human capital equation is what's really, over the last couple of quarters, beginning to come through in that growth agenda for these companies.

there's strategy and a whole bunch of other things that companies do and i think the human capital equation is what's really over the last couple of quarters beginning to come through in that growth agenda for these companies


which tripled from the additions we had in Q2. Perhaps, more impressive was that this was accomplished on lower absolute marketing spend during the quarter, which means that we substantially reduced our cost of member acquisition.

which tripled from the additions we had in q2 perhaps more impressive was that this was accomplished on lower absolute marketing spend during the quarter which means that we substantially reduced our cost of member acquisition


with our solutions, making progress towards a purchasing decision consistently requires more education and time than we anticipated when we began this new initiative.

with our solution making progress towards a purchasing decision consistently requires more education and time than we anticipated when we began this new initiative


But again, it's going to be based on a disciplined return on invested capital approach as opposed to just putting them out there and not getting the kind of return that we all want to have from our assets.

but again it's going to be based on a disciplined return on invested capital approach as opposed to just putting them out there and not getting the kind of return that we all want to have from our assets


partly in response to that increase in demand, we put together a consortium of Lloyd syndicates to help bring relevant capacity to the European market as it continues to develop.

partly in response to that increase in demand we put together a consortium of lloyd's syndicates to help bring relevant capacity to the european market as it continues to develop


That's encouraging, but it's got a long way to go would be our view. So we think that fundamentally keeps kind of a weaker outlook when you think about the product and the crude spread and the crack margin on the business, so.

that's encouraging but it's got a long way to go would be our view so we think that fundamentally keeps kind of a weaker outlook when you think about the product and the crude spread and the crack margin on the business so


We are also cognizant of our operating costs and look for ways to reallocate resources that are in the best interest of our students, as evident by our process reengineering efforts in the third quarter.

we are also cognizant of our operating costs and look for ways to reallocate resources that are in the best interest of our students as evidenced by our process reengineering efforts in the third quarter


What they say they want consistently in our market research and public forums and surveys presented at medical conferences like the one at Allergy College Meeting a couple of weeks ago, is they want a normal life.

what they say they want consistently in our market research in public forums in surveys presented at medical conferences like the one at the allergy college meeting a couple of weeks ago is they want a normal life


The increase in the margins is really going to come from the fact that this is more of a fixed cost structure where we currently are for the remainder of 2017 and

the increase in the margins is really going to come from the fact that this is more of a fixed cost structure where we currently are for the remainder of 2017 and


range of motion, stability, discharge to rehab and patient satisfaction. We expect to begin to see some of the data at key orthopaedic conferences starting in 2018 and beyond as we track these patients over time.

range of motion stability discharge to rehab and patient satisfaction we expect to begin to see some of the data at key orthopedic conferences starting in 2018 and beyond as we track these patients over time


then no matter what the scale of your operation is, there is always room for further development. Another thing is you are not doing it alone. You have brothers and sisters. You have your parents.

then no matter what the scale of your operation is there is always room for further development another thing is you are not doing it alone you have brothers and sisters you have your parents


qualification runs. And as we've said before, those will be part of any submission and will be part of the discussions that we have with regulators over time. We haven't given specifics about when exactly we'll start and complete those runs.

qualification runs and as we've said before those will be part of any submission and will be part of the discussions that we have with regulators over time we haven't given specifics about when exactly we'll start and complete those runs


seems like kind of a tough quarter. I mean, does this highlight to you the need to get bigger in the business or have a steadier supply? Or does it -- I guess, I'm going to keep it open ended. Does this kind of -- does the performance you've seen in that business change at all

seems like kind of a tough quarter i mean does this highlight to you the need to get bigger in the business or have a steadier supply or just -- i guess let me keep it open-ended does this kind of -- the performance you've seen in that business change at all


The second goal was to make investments to build out our fee income lines of business to ensure that we had a balanced and diversified stream of revenue that would be sustainable at any point in an economic cycle.

the second goal was to make investments to build out our fee income lines of business to ensure that we had a balanced and diversified stream of revenue that would be sustainable at any point in an economic cycle


And during that time frame, we did not take as much price increase to compensate for the lost value to the company from the currency because we take price increases with inflation. But over time,

and during that time frame we did not take as much price increase to compensate for the lost value to the company from the currency because we take price increases with inflation but over time


Where might you see the recovery first? Either again looking at your order book or just theoretically, where might you see the first green shoot, be it power gen, industrials, or infrastructure you think?

where might you see the recovery first either again looking at your order book or just theoretically where might you see the first green shoot be it powergen industrials or infrastructure you think


A good example of this is that while our Newcastle facility built a number of projects in the first half and contributed quite well to the first half earnings, the facility is now temporarily between projects,

a good example of this is that while our newcastle facility built a number of projects in the first half and contributed quite well to the first half earnings the facility is now temporarily between projects


Under the new rules, the company now reports uncollectible balances associated with patient responsibility as a reduction in net revenues, when historically these amounts were classified as bad debt expense within selling, general and administrative expenses.

under the new rules the company now reports uncollectible balances associated with patient responsibility as a reduction in net revenues when historically these amounts were classified as bad debt expense within selling general and administrative expenses


Thank you, Brad, and let me add my thanks for joining the call today. I will go through an overview of the financial results and provide some added color on what we see taking place within the market for PPAs. For

thank you brad and let me add my thanks for joining the call today i will go through an overview of the financial results and provide some added color on what we see taking place within the market for ppas


my expectation with some innovation that you have coming online would be that from that kind of 1% base growth level that we could see that


would allow us to improve operational efficiencies for our customer, enhance customer service and provide our customers with knowledge and information to make better energy usage decisions, including assessing the true value of private solar generation.

would allow us to improve operational efficiencies for our customers enhance customer service and provide our customers with knowledge and information to make better energy usage decisions including assessing the true value of private solar generation


And it means we need the right partners to help us get there and do it in the profitable way. And so that's where Silver Lake comes in. That's where LinkedIn comes in. As you know, LinkedIn is part of Microsoft,

and it means we need the right partners to help us get there and do it in a profitable way and so that's where silverlake comes in that's where linkedin comes in as you know linkedin is part of microsoft


press comments on the declining of the projects, we see that because they are comparing the full plan of previous years to a smaller plan that is

press comments on the declining of the project we see that because they are comparing the full plan of previous years to a smaller plan that


We will deploy narrow-body aircraft with a capability of middle-distance operation to increase our options for route destinations, which will enable us to capture a wider range of inbound and leisure demand.

we will deploy narrow-body aircraft with the capability of middle-distance operation to increase our options for route destinations which will enable us to capture a wider range of inbound and leisure demand


On the cost side, we are starting to see sign of our efficiency initiatives. We continue to stabilize OpEx this year and prepare for a gradual reduction next year.

on the cost side we are starting to see -- sign off our efficiency initiatives we continue to stabilize opex this year and prepare for a gradual reduction next year


I'll talk about the Bluestem Brands performance in a moment. The lower Capmark performance reflects timing on the liquidation of our remaining commercial real estate assets and the fact that there are fewer remaining assets in which to liquidate.

i will talk about the bluestem brands performance in a moment the lower capmark performance reflects timing on the liquidation of our remaining commercial real estate assets and the fact that there are fewer remaining assets in which to liquidate


defend its market position because they are maybe seeing that you're increasing your offering in this niche market, and they are maybe cutting prices a little bit to trying to keep you out of the business?

defend its market position because they are maybe seeing that you're increasing your offering in this niche market and they are maybe cutting prices a little bit to trying to keep you out of the business


The value proposition was in place and it was an easy decision to commercialize this service in a scalable manner. Yesterday, we announced Central Maine Healthcare selected Revenue Capture Solutions for their revenue integrity needs.

the value proposition was in place and it was an easy decision to commercialize this service in a scalable manner yesterday we announced central main healthcare selected revenue capture solutions for their revenue integrity needs


In the meantime, we are focused on a number of product and distribution initiatives. And while we continue to face near-term sales challenges, we remain optimistic on the longer-term prospects for Annuities as the need for retirement income products

in the meantime we are focused on a number of product and distribution initiatives and while we continue to face near-term sales challenges we remain optimistic on the longer-term prospects for annuities as the need for retirement income products


the next chapter in this I think is seeing some of the upfront pieces, how do we then keep building out the program with a value prop like the partnership with Husky for example and then really building out kind of some great engagement strategies to really help

that's the next chapter in this i think is seeing some of the upfront pieces how do we then keep building out the program with a value prop like the partnership with husky for example and then really building out kind of some great engagement strategies to really help our


Our management team, sales force, and the entire Sientra organization are laser focused to ensure our transition from this precision control launch to full supply

our management team sales force and the entire sientra organization are laser focused to ensure our transition from this precision-controlled launch to full supply


MUSCLE MILK ready-to-drink protein beverages performed well, especially in the food, drug and mass channels. Our MUSCLE MILK powder business was softer this quarter, which is in line with the category dynamics.

muscle milk ready-to-drink protein beverages performed well especially in the food drug and mass channels our muscle milk powder business was softer this quarter which is in line with the category dynamics


an interesting format with -- as loyalty programs go, it's an interesting one where you have a segment of it is nonpaid and another segment is paid with different benefits for each. And so you can imagine, we look at that all the time and go,

an interesting format with -- as loyalty programs go it's an interesting one where you have a segment of it is non-paid and another segment is paid with different benefits for each and so you can imagine we look at that all the time and go


In the third quarter, we completed our annual unlocking. The comments that management makes on the call today will focus on operating financial results, excluding unlocking. And with that, I'll turn it over to Jim.

in the third quarter we completed our annual unlocking the comments that management makes on the call today will focus on operating financial results excluding unlocking and with that i'll turn it over to jim


showed that the logic for the net worth sweep was at least, in large part, due to wanting to prevent the companies from recapitalizing themselves when they become profitable and ultimately,

showed that the logic for the net worth suite was at least in large part due to wanting to prevent the companies from recapitalizing themselves when they became profitable and ultimately


and then we have a negative impact of a couple of million from the depreciation of the pounds. The acquisition I mentioned before is delivering above expectations and have been well integrated.

and then we have a negative impact of a couple of millions from the depreciation of the plants the acquisition i mentioned before is delivering above expectations and have been well integrated


We are very pleased with our second quarter financial results. Overall, we continued to drive top line growth in our primary-focused product lines of residential data and business services.

we are very pleased with our second quarter financial results overall we continue to drive top line growth in our primary focus product lines of residential data and business services


to facilitate or support that, so it would make it more achievable and reasonable at a patient cost perspective. And we do anticipate it will be much more effective in moving folks through at that point.

to facilitate or support that so it would make it more achievable and reasonable at a patient cost perspective and we do anticipate that we'll be much more effective in moving folks through at that point


Our Paychex Insurance Agency was named to the Business Insurance magazine's list of best places to work in insurance for the very first time. This is a notable recognition and I'm very proud of the agency employees and the growth we've seen in the insurance business.

our paychex insurance agency was named to the business insurance magazine's list of best places to work in insurance for the very first time this is a notable recognition and i'm very proud of the agency employees and the growth we've seen in the insurance business


as much, I think, to this scale, and have done it very thoughtfully over the years. I think as we look at the business, we've got clients with staffing companies that I think are great opportunities for the funding side of the business for them.

as much i think to this scale and have done it very thoughtfully over the years i think as we look at the business we've got clients with staffing companies that i think are great opportunities for the funding side of the business for them


I'll start my comments today with a deeper dive into our operating results and then expand on Neil's comments on our second quarter's transactional activity and how it affects our financial position as well as our full year outlook and guidance.

i'll start my comments today with a deeper dive into our operating results and then expand on neil's comments on our second quarter's transactional activity and how it affects our financial position as well as our full year outlook and guidance


We have corrected these legacy warranty issues, which is reflected in the higher margins of the past few quarters, as our accrual for future warranty expenses is more in line with expectations when we acquired the business.

we have corrected these legacy warranty issues which is reflected in the higher margins of the past few quarters as our accrual for future warranty expenses is more in line with expectations when we acquired the business


Would your view be then when gross to net is expanding or high that it enables your economics? Or do you think it's -- or do you think you hold those economics no matter the environment?

would your view be that when gross-to-net is expanding or high that it enables your economics or do you think it's -- or do you think you hold those economics no matter the environment


at Shoals in the quarter. Could you maybe talk to if a specific car type, if there is a line change over that maybe was part of the problem here? Or is it just a function of

at shoals in the quarter could you maybe talk to if a specific car type if there was a line changeover that maybe was part of the problem here or is it just a function of


And this has been an ongoing issue. We've tried sending letters, we've made phone calls, but for whatever reason, people get into the process of doing these and just don't continue. So

and this has been an ongoing issue we've tried sending letters we've made phone calls but for whatever reason people get into the process of doing these and just don't continue so


Going forward, we'd expect really more of the same of that, where we see more sales going through the dealers that we have as opposed to an expansion of the number of dealers.

going forward we'd expect really more of the same of that where we see more sales going through the dealers that we have as opposed to an expansion of the number of dealers


You sort of alluded to that, but do you want to give me some more detail on that? I know we've been looking at it for ages. Do you feel that there is -- one of the more recent problems was the cost

you sort of alluded to that but do you want to give me some more detail on that i know we've been looking at it for ages do you feel that there's -- one of the more recent problems was the cost


With WaferEtch, our flexible process offers cost advantages versus incumbent technologies. WaferEtch also promises substantial cost savings for the TSV Reveal process

with wafer edge our flexible process offers cost advantages versus incumbent technologies wafer edge also promises substantial cost savings for the tsv reveal process


a good portion of our CapEx investment has been made over the last couple of years and again, plan for this year to continue that momentum and continue to optimize productivity

a good portion of our capex investment has been made over the last couple of years and again plan for this year to continue that momentum and continue to optimize productivity and


A material portion of the remaining land purchases relate to initial payments on some strategic acquisitions that we made in Sydney, Melbourne and Perth, which all are an investment for our future.

a material portion of the remaining land purchases relate to initial payments on some strategic acquisitions that we made in sydney melbourne and perth which all are an investment for our future


Well, we don't want to take it all at once. We only want to use what we need for the given quarter. In this particular time frame, we got 2 different guys to agree to spread it out just the way we want it.

well we don't want to take it all at once we only want to use what we need for the given quarter in this particular time frame we got 2 different guys to agree to spread it out just the way we want it


to strengthen the stability of our liabilities, allowing us to strategically develop our origination capacity while maintaining ample liquidity at all times. I am very satisfied

to strengthen the stability of our liabilities allowing us to strategically develop our origination capacity while maintaining ample liquidity at all times i am very satisfied


some of the benefits may stretch out into the first quarter of '18 and as we build out and then transfer to that facility. But I don't see any substantial charges related to

some of the benefits may stretch out into the first quarter of '18 as we build out and then transfer to that facility but i don't see any substantial charges related to


We have all contributed, you have all contributed, and hopefully, many of you will continue to make your mark going forward. AGI needs you all to pull with us to create what is truly possible.

we have all contributed -- you have all contributed and hopefully many of you will continue to make your mark going forward agi needs you all to pull with us to create what is truly possible


could you give us a sense in terms of breaking out the state growth just as you did for Texas, but focusing on the L.A. market versus Northern and the San Diego market in terms of what is driving real demand in the market,

could you give us a sense in terms of breaking out the state growth just as you did for texas but focusing on the la market versus northern and the san diego market in terms of what is driving real demand in the market


In addition to growing our core diagnostic business, we closed our acquisition of Transition Therapeutics, announced our entry into the companion animal health, market with the formation of a specialty business unit,

in addition to growing our core diagnostic business we closed our acquisition of transition therapeutics announced our entry into the companion animal health market with the formation of a specialty business unit


of -- it's so easy to make a mistake in your billing practices. And so it's very important to us to be very strong in having a good record with the payers in that regard and Jane will help us immensely.

of it's so easy to make a mistake in your billing practices and so it's very important to us to be very strong in having a good record with the payers in that regard and jane will help us immensely


over the first quarter of last year. The increase was driven primarily by the Microbial Solutions business, and the Avian business also had a good quarter. Microbial Solutions first quarter growth rate was moderately

over the first quarter of last year the increase was driven primarily by the microbial solutions business and the aviant business also had a good quarter microbial solutions' first quarter growth rate was moderately


now as we do bigger-scale studies, they continue to show dramatic improvement in retention and engagement. That's caught the attention of the marketing community. Teads is one of the larger

now as we do bigger scale studies they continue to show dramatic improvement in retention and engagement that's caught the attention of the marketing community teads is one of the larger


increases, they were related to increase in chemicals and fuels, and there is an important variation regarding exchange rate in chemicals and fiber

increases they were related to increase in chemicals and fuels and there is an important variation regarding exchange rate and chemicals and fiber


So as compared to the prior owners' expense model, we have reduced station operating expenses on these new stations while simultaneously driving brand and revenue growth.

so as compared to the prior owner's expense model we have reduced station operating expenses on these new stations while simultaneously driving brand and revenue growth


in the call, but I think we may fall short. It's a very interesting thing for us to listen to all of the market and prognostication that is going on

in the call but i think we may fall short it's a very interesting thing for us to listen to all of the market and prognostication that is going on


And as we said in the third quarter, we saw probably about a few percentage points in sequential drop in expenses, and that sort of trend continued into the fourth quarter.

and as we said in the third quarter we saw probably about a few percentage points in sequential drop in expenses and that sort of trend continued into the fourth quarter


But if you just look at all the other acquisitions that we're doing, they're coming in at lower margins than our existing business. That's fine. I mean, there isn't anything wrong with that. I still think they have a great specialty margin starting point

but if you just look at all the other acquisitions that we're doing they're coming in at lower margins than our existing business that's fine i mean there isn't anything wrong with that i still think they have a great specialty margin starting point


while we saw early snowfall above last year's levels in November, which contributed to our top line strength during the month, this was partially offset by limited snowfall in our northern markets in December

while we saw early snowfall above last year's levels in november which contributed to our top line strength during the month this was partially offset by limited snowfall in our northern markets in december


Please be reminded that today's discussion may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. These statements are based on currently available information as of the date of such statements are subject to risks

please be reminded that today's discussion may contain forward-looking statements as defined in the private securities litigation reform act these statements are based on currently available information as of the date of such statements are subject to risks


We believe the scheme has been rushed into place with limited consultation, so it will invariably raise issues in its application. Most immediately, the issue is whether the range of flexible services

we believe the scheme has been rushed into place with limited consultation so it will invariably raise issues in its application most immediately the issue is whether the range of flexible services


In response to this quarter, we took proactive action to exit the manufacture and sale of optical subassemblies. Consistent with our overall goal of providing high-margin analog and photonic semiconductor components,

in response this quarter we took proactive action to exit the manufacture and sale of optical subassemblies consistent with our overall goal of providing high-margin analog and photonic semiconductor components


In closing. This team continues to make progress in this radical transformation of iPass, proving that our simple strategy Unlimited, Everywhere and Invisible is working.

in closing this team continues to make progress in this radical transformation of ipass proving that our simple strategy unlimited everywhere and invisible is working


This improvement also allows our distribution partners to be more responsive to their customers, providing them rapid assurance of effective and competitive coverage. And as we know the first to quote is often the one to buy. In

this improvement also allows our distribution partners to be more responsive to their customers providing them rapid assurance of effective and competitive coverage and as we know the first to quote is often the one to bind


that's where kind of the virtual capacity really builds outside of Pivotal. But just to be clear, from a subscription sales cycle, the SI partners are really helping accelerate consumption of the software and expansion

that's where kind of the virtual capacity really builds outside of pivotal but just to be clear from a subscription sales cycle the si partners are really helping accelerate consumption of the software and expansions


Additionally, we think any rise in interest rates points to the expectations of higher economic growth and the rising incomes, both of which will be supportive of the home prices and fundamental collateral performance.

additionally we think any rise in interest rates points to the expectations of higher economic growth and rising incomes both of which would be supportive of home prices and fundamental collateral performance


in technical capabilities. The key one, as I already said in the beginning, is this is the enabler already now but in the future even more in connecting with the consumer throughout the consumer journey.

in technical capabilities the key one as already said in the beginning is this is the enabler already now but in the future even more in connecting with the consumer throughout the consumer journey


As I said before, it will be in our multi-metal range. The main target is to create additional value. So for us to find in our flow sheet extensions that

as i said before it will be in our multi-metal range the main target is to create additional value so for us to find in our flow sheets extensions that


We are constantly exploring new ways to maximize the great potential of this company, and in doing so, we have identified several opportunities for growth, one of which is to garner more revenue from the professional services.

we are constantly exploring new ways to maximize the great potential of this company and in doing so we have identified several opportunities for growth one of which is to garner more revenue from the professional services


I'm really curious, I think the thing that surprised us the most during the quarter, during the first quarter, was the volatility around Agency MBS. I would've thought that in a

i'm really curious i think the thing that surprised us the most during the quarter -- during the first quarter was the volatility around agency mbs i would have thought that in a


As John has said, he will take you through the key components of the group result with a focus on our operating earnings and provide some insight into the market conditions across our managed business units.

as john has said he will take you through the key components of the group result with a focus on our operating earnings and provide some insight into the market conditions across our major business units


We accomplished all of this while rolling out the new system to our customers and employees. The end of the year found us restating our financials due to a formula error in our net revenue recognition estimation process.

we accomplished all this while rolling out the new system to our customers and employees the end of the year found us restating our financials due to a formula error in our net revenue recognition estimation process


I'd re-ask you the question that with volatile tax rates, we don't see C-Corps going through an exercise of wondering if they should convert back to partnerships. And I think that

i'd re-ask you the question that with volatile tax rates we don't see c corps going through an exercise and wondering if they should convert back to partnerships and i think that


in the first quarter 2018. While this consolidation impacted and will continue to impact our results in the near term, we're extremely proud of the year overall.

in the first quarter 2018 while this consolidation impacted and will continue to impact our results in the near term we are extremely proud of the year overall


The pulp market appears well positioned for the remainder of the first quarter and into the standard spring maintenance period in Q2. We continue to be cautious around incremental pulp supply, but are encouraged by good demand from most regions.

the pulp market appears well positioned for the remainder of the first quarter and into the standard spring maintenance period in q2 we continue to be cautious around incremental pulp supply but are encouraged by good demand from most regions


you had the impairments. You also made up for a large part in your gross inflows regarding, okay, the loss of the single premiums in the first quarter. So I assume you had quite

you had the impairments you also made up for a large part in your gross inflows regarding okay the loss of the single premiums in the first quarter so i assume you had quite


of the conference call with questions and answers, chaired by Chairman Lo. You can ask questions by raising your hand or by writing them down.

of the conference call with questions and answers chaired by chairman law you can ask questions by raising your hand or by writing them down


We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any future events or circumstances or to reflect the occurrence of unanticipated events, except as required by law.

we do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any future events or circumstances or to reflect the occurrence of unanticipated events except as required by law


changing the way you think about pricing? Is that something that you might change going forward where you'll be pricing more in line with FX moves as opposed to waiting for sort of the inflation to catch up?

changing the way you think about pricing is that something that you might change going forward where you would be pricing more in line with fx moves as opposed to waiting for sort of the inflation to catch up


Our cash is being invested to secure 2 new facilities in Asia and Southeast Asia. These facilities will start to come online at the end of our fiscal 2019 first quarter or in about 9 months from now.

our cash is being invested to secure 2 new facilities in asia and southeast asia these facilities will start to come online at the end of our fiscal 2019 first quarter or in about 9 months from now


With that, I'll turn it back to Dan. Thank you, Dave. In closing, we are well on our way in implementing our strategy and are excited by the opportunities to grow our core business.

with that i'll turn it back to dan thank you dave in closing we are well on our way in implementing our strategy and are excited by the opportunities to grow our core business


to talk about what are their growth plans, where do they want to go, how do they want to go and how we can better serve them. And there have been times that they've asked us to go places where we've looked at them and said we have no real

to talk about what are their growth plans where do they want to go how do they want to go and how we can better serve them and there have been times that they've asked us to go places where we've looked at them and said we have no real


We wanted more production ready for that early winter rally that we saw. But then of course I suppose we would have been shutting some of those volumes in because then in later October, we saw gas prices collapse again.

we wanted more production ready for that early winter rally that we saw but then of course i suppose we would have been shutting some of those volumes in because then in later october we saw gas prices collapse again and


beginning to be hired in sort of first part of November and coming on fully online into December with training. So again, not a fully loaded cost in the quarter.

beginning to be hired in sort of first part of november and coming on fully online into december with training so again not a fully loaded cost in the quarter


is actually very good for us. In America, we've actually seen the market pick up a little bit. And there are signs in Europe, with the increase in the milk prices now again and related butter prices,

is actually very good for us in america we've actually seen the market pick up a little bit and there are signs in europe with the increase in the milk prices now again and related butter prices


Our results for the quarter reflect strong top and bottom line performance in the segments, along with benefits from favorable exchange gains and a lower tax rate versus the prior year.

our results for the quarter reflect strong top and bottom line performance in the segments along with benefits from favorable exchange gains and a lower tax rate versus the prior year


However, that could be offset slightly by the fact that our royalty rate is going up as we ramp a larger presence in the Roundup Ready 2 Xtend profile as well as Intacta acres in Latin America. And

however that could be offset slightly by the fact that our royalty rate is going up as we ramp a larger presence in the roundup ready to extend profile as well as intact acres in latin america


Anybody who sees the numbers in these financial results can see it's going to happen, and we could not be more excited. So we're incredibly proud of another quarter of remarkable growth. Of course, none of this will be possible without the partnership and dedication

anybody who sees the numbers and these financial results can see it's going to happen and we could not be more excited so we're incredibly proud of another quarter of remarkable growth of course none of this would be possible without the partnership and dedication


In Kenya, we are investing in our distributors' sales capability, with training and support, to improve their efficiency and increase our trade coverage. Our results clearly demonstrate the impact.

in kenya we are investing in our distributors' sales capability with training and support to improve their efficiency and increase our trade coverage our results clearly demonstrate the impact


the higher salaries and bonuses paid to many of our employees and also contemplates the effect of the December 2017 increase in the fed funds rate, although it does not assume any further increases in net or other benchmark interest rates.

the higher salaries and bonuses paid to many of our employees and also contemplates the effect of the december 2017 increase in the fed funds rate although it does not assume any further increases in that or other benchmark interest rates


This new system will allow for better controlled data basing of our content rights as well as enabling us to speed up the delivery of massive volumes of content to digital and OTT platforms worldwide.

this new system will allow for better controlled databasing of our content rights as well as enabling us to speed up the delivery of massive volumes of content to digital and ott platforms worldwide


It's the second such settlement we've announced this year. Last quarter, we highlighted the Kentucky Public Service Commission's approval of rate increases for our Kentucky utilities following a successful settlement in those proceedings.

it's the second such settlement we've announced this year last quarter we highlighted the kentucky public service commission's approval of rate increases for our kentucky utilities following a successful settlement in those proceedings


As with prior quarters, we hosted a call in Mandarin after the close of the Taiwan Stock Market a few hours ago. This is part of the company's ongoing efforts to broaden investor and analyst following in the domestic Asia market, given the full Taiwan listing.

as with prior quarters we hosted a call in mandarin after the close of the taiwan stock market a few hours ago this is part of the company's ongoing efforts to broaden investor and analyst following in the domestic asia market given the full taiwan listing


ATLAS found many other neoantigens that were not predicted and, importantly, also showed that some antigens were inhibitory, potentially shutting off a patient's immune response.

atlas found many other neoantigens that were not predicted and importantly also showed that some antigens were inhibitory potentially shutting off a patient's immune response


which would point to margin expansion. So can you just generally comment on whether that directionally is what you're seeing in the market as well?

which would point to margin expansion so can you just generally comment on whether that directionally is what you're seeing in the market as well


the highest level of knockdown that the GalXC system is capable of and then certainly in the animal models, it's capable of essentially complete silencing. So we're very hopeful to have a very strong response here.

the highest level of knockdown that the galaxy system is capable of and then certainly in the animal models it's capable of essentially complete silencing so we're very hopeful to have a very strong response here


That project, you can now see more of the light at the end of the tunnel than we have for some time. The hearings are formally set for the end of June through about 30 days, so the latter part of July.

that project you can now see more of the light at the end of the tunnel than we have for some time the hearings are formally set for the end of june through about 30 days so the latter part of july


Turning to our revised guidance for the year. As I have described, the slow start to 2016 was the result of a combination of factors in 3 platforms, which led directly

turning to our revised guidance for the year as i have described the slow start to 2016 was the result of a combination of factors in 3 platforms which led directly


The fact that we've got as many people focused on improving their business and taking costs out and getting up to the type of green performance ratings that I would consider world-class is very encouraging to me.

the fact that we've got as many people focused on improving their business and taking cost out and getting up to the type of green performance ratings that i would consider world class is very encouraging to me


However, I think the industry overall sees that the raw material decline environment is coming to an end, and there are already some signs of sales price stabilization.

however i think the industry overall sees that the raw material decline environment is coming to an end and there are already some signs of sales price stabilization


between our competitive position and our customer response, making sure that it's a net positive impact. So in the near term, particularly in 2016, the bulk of the -- of our strategic actions are -- will continue to be focused

between our competitive position and our customer response making sure that it's a net positive impact so in the near term particularly in 2016 the bulk of our strategic actions are -- will continue to be focused


capital levels, asset quality and efficiency. So very, very exciting for our whole team to cap a year of hard work and seeing the results of that work. So at this point, I'm going to turn the call over to Mark to go deeper into the financials.

capital levels asset quality and efficiency so very very exciting for our whole team to cap a year of hard work and seeing the results of that work so at this point i'm going to turn the call over to mark to go deeper into the financials


While the consumer tissue market continues to be highly competitive, we expect already announced price increases on our brands and our away-from-home products to alleviate some of the impact of these rising costs in the second half of the year.

while the consumer tissue market continues to be highly competitive we expect already announced price increases on our brands and our away-from-home products to alleviate some of the impact of these rising costs in the second half of the year


outlook as you look to the back half of '18. Maybe if you can frame it as to how much pricing you would think you'd need to hold the margin flat? Or do you even think you have pricing power here to take if you wanted to offset some of the labor?

outlook as you look to the back half of '18 maybe if you can frame it as how much pricing you would think you'd need to hold the margin flat or do you even think you have pricing power here to take if you wanted to offset some of the labor


Just a couple of highlights then from the first half on a number of those points you see on Slide 14. Our Malvern PANalytical business there on the top left

just a couple of highlights then from the first half on a number of those points you see on slide 14 our malvern panalytical business there on the top left


similar to what you were sending earlier. And beyond that, there is a 25% duty on whatever comes in. So there is a protection available in EU. And at this point in time, because the domestic markets in both India and China have been strong,

similar to what you were sending earlier and beyond that there is a 25% duty on whatever comes in so there is a protection available in eu and at this point in time because the domestic markets in both india and china have been strong


But I think that, that becomes the big thing is to be diversified within the business units as well as to have diversification from business unit to business unit that any certain

but i think that that becomes the big thing is to be diversified within the business units as well as to have diversification from business unit to business unit that any certain


During the first quarter, our biggest OpEx benefits in Timberlands came from initiatives related to logging and hauling efficiencies in our Southern operations as well as our continued marketing and bucking for value improvement efforts.

during the first quarter our biggest opex benefits in timberlands came from initiatives related to logging and hauling efficiencies in our southern operations as well as our continued marketing and bucking for value improvement efforts


On the product front, Gannett has been leading the industry. Technologies and delivery systems focused on mobile, video, virtual reality and others are key target areas for us.

on the product front gannett has been leading the industry technologies and delivery systems focused on mobile video virtual reality and others are key target areas for us


Even before the news of the pipeline, we were seeing encouraging employment data in all of our markets. Since our last conference call in October, the unemployment rate has declined in all 3 states that we operate in

even before the news of the pipeline we are seeing encouraging employment data in all of our markets since our last conference call in october the unemployment rate has declined in all 3 states that we operate in


regulatory information, but there's no conditions to complete this transaction that are regulatory-based other than the court approval of the arrangement agreement after the shareholders vote.

regulatory information but there's no conditions to complete this transaction that are regulatory based other than the court approval of the arrangement agreement after the shareholders vote


And so on parallel tracks, we've also continued to enhance our prospect site, coupled with further refining how we speak to and connect with our audience through all channels to communicate in a more human and refreshing way.

and so on parallel tracks we have also continued to enhance our prospect site coupled with further refining how we speak to and connect with our audience through all channels to communicate in a more human and refreshing way


that would save us so much time in the AML trial because we're not getting all the negative data from these very ill patients and the risk of having to expand out those dose levels there.

that would save us so much time in the aml trial because we're not getting all the negative data from these very ill patients and the risk of having to expand out those dose levels there


we will repeat there is not a transformational acquisition around the corner in '17. It is more the bolt-on smaller type thing we have in the pipeline.

we will repeat there is not a transformational acquisition around the corner in '17 it is more the bolt-on smaller type thing we have in the pipeline


to help us model does it, in some way, relate to what's going on in the market, either in terms of market strength or weakness or high volatility or low volatility and turns out there aren't great

help us model does it in some way relate to what's going on in the market either in terms of market strength or weakness or high volatility or low volatility and turns out there aren't great


These attributes, combined with efforts to expand strategic partnerships and address growing demand for healthcare education should help us to reach our institutional goals and support of our collective interest in advancing America's workforce.

these attributes combined with efforts to expand strategic partnerships and address growing demand for healthcare education should help us to reach our institutional goals in support of our collective interest in advancing america's workforce